Authorized To The Executive Body In The Field Of Finance, Signed A Loan Agreement With The Central American Bank For Economic Integration By $100,000,000.00.
Original Language Title: AUTORÍZASE al Órgano Ejecutivo en el ramo de Hacienda, suscribir un Contrato de Préstamo con el Banco Centroamericano de Integración Económica por $100,000,000.00.
Read the untranslated law here: http://www.asamblea.gob.sv/eparlamento/indice-legislativo/buscador-de-documentos-legislativos/autorizase-al-organo-ejecutivo-en-el-ramo-de-hacienda-subscriba-un-contrato-de-prestamo-hasta-por-100-000-000.00/archivo_documento_legislativo
1 Decree N ° 326 the Legislative Assembly of the Republic of EL SALVADOR, whereas: I.-that the Government of the Republic of El Salvador has among its purposes the support to the National Civil Police (PNC), in carrying out the implementation of the "program special security citizen in El Salvador (fish)", which is intended, to strengthen the capacities of the police institution in the field of combat and prosecution of the crime through interventions that strengthen criminal investigation, the operation and the police presence in all El Salvador and police infrastructure staffing own ensuring conditions suitable for the development of the functions of public security.
II.-that to achieve the above, has managed with the Central American Bank of economic integration (BCIE), a loan agreement for an amount of up to one hundred million of dollars of United States of AMERICA ($ 100,000,000.00), to finance the "program special security citizen in El Salvador (fish)".
III. in view of the foregoing and on the basis of provisions of article 148 of the Constitution of the Republic, whereas authorized to the Executive Body in the field of finance, you subscribe the loan agreement to finance the programme.
Therefore, use of his constitutional powers and at the initiative of the President of the Republic, by the Minister of finance.
Decree: Article 1.-authorize the Executive branch in the field of finance, for which by means of its holder or official he designated, signed on behalf of the State and Government of the Republic of El Salvador, a loan agreement with the Central American Bank of economic integration (BCIE), for the financing of the "program special security citizen in El Salvador (fish)" , loan that will be subject to the following conditions and stipulations: amount and currency of the loan: up to one hundred million of dollars of United States of AMERICA ($ 100,000,000.00).
LOAN term: twenty (20) years, including up to sixty (60) months of grace period, counted from the date of the first disbursement.
2. amortization: The principal of the loan will be amortized through the payment of semi-annual dues, consecutive and as far as possible the same, until the total cancellation of the same, amounts and dates determined by BCIE and in accordance with the amortization schedule that BCIE communicate.
INTERESTS: Will be paid a rate established by BCIE in accordance with its interest-rate policy. The indicative rate applicable will be six (6) months LIBOR, revisable every six months, plus a margin of three hundred and seventy-five (375) points bases (pbs), reviewable on a quarterly basis.
MORA charge: Three (3) additional percentage points to regular interest, on the portion of the obligation in default, up to the date on which the payment is made.
Commission of monitoring and management: shall be paid a rate flat by a quarter of one percent (1/4 of 1%) on the amount of the loan, payable at a time later than the time of the first disbursement and to deduct the same.
COMMITMENT Commission: shall be paid a rate of a quarter (¼) of one per cent (1%) per year, calculated on the undisbursed balances of the loan, from the date of entry into force of the loan agreement.
DESTINATION: Finance the implementation of the "program special security citizen in El Salvador (fish)".
Article 2.-the loan contract that subscribes to the Government of the Republic of El Salvador with the Central American Bank of economic integration (BCIE), in accordance with this Decree, shall submit to the approval of the Legislative Assembly to be valid.
Article 3.-this Decree shall enter into force as from the day of its publication in the official journal.
GIVEN in the blue room of the Legislative Palace: San Salvador, seven days of the month of April of the year two thousand and sixteen.
LORRAINE GUADALUPE PENA MENDOZA, PRESIDENT.
3 GUILLERMO ANTONIO GALLEGOS NAVARRETE, ANA VILMA ALBANEZ DE ESCOBAR, SENIOR VICE PRESIDENT. SECOND VICE PRESIDENT.
JOSE SERAFIN RODRIGUEZ ORANTES, NORMAN NOEL QUIJANO GONZÁLEZ, THIRD VICE-PRESIDENT. FOURTH VICE PRESIDENT.
SANTIAGO FLORES ALFARO, FIFTH VICE PRESIDENT.
WILLIAM FRANCISCO MATA BENNETT, DAVID ERNESTO REYES MOLINA, FIRST SECRETARY. SECOND SECRETARY.
MARIO ALBERTO TENORIO GUERRERO, REYNALDO ANTONIO LOPEZ CARDOZA, THIRD SECRETARY. FOURTH SECRETARY.
JACKELINE NOEMI RIVERA AVALOS, JORGE ALBERTO ESCOBAR BERNAL, FIFTH SECRETARY. SIXTH SECRETARY.
ABILIO ORESTES RODRIGUEZ MENJIVAR, JOSE FRANCISCO MERINO LÓPEZ, SEVENTH SECRETARY. EIGHTH SECRETARY.
Presidential House: San Salvador, on the twentieth day of the month of April of the year two thousand and sixteen.
PUBLISHED, Salvador Sanchez Ceren, President of the Republic.
Juan Ramon Carlos Enrique Caceres Chavez, Minister of finance.
D. O. N ° 72 volume N ° 411 date: April 20, 2016 SV/pch 11-05-2016 legislative index
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